On June 28, 2024, the State Bank of Vietnam (SBV) issued Document No. 5377/NHNN-TTGSNH allowing the Global Petro Sole Member Limited Commercial Bank (PGBank) to increase its charter capital.
Accordingly, the SBV has approved of PGBank's request to increase its charter capital by the maximum amount of VND 800,000,000,000 (Eight hundred billion Vietnamese Dongs) by a public offer of shares to the existing shareholders in line with PGBank’s Recapitalization Plan, which had been adopted by the Annual General Shareholders’ Meeting of PGBank at Resolution No. 09/2024/NQ-DHDCD dated April 20, 2024, and approved by PGBank’s Board of Directors at Resolution No. 95/2024/NQ-HDQT dated May 28, 2024 and Resolution No. 120/2024/NQ-HDQT dated June 24, 2024.
PGBank is also requested to implement the charter capital increase in compliance with the applicable laws, including the regulations on the share ownership limits of shareholders, shareholders and their related persons, in line with regulations of the Law on Credit Institutions, as well as other guiding documents of the SBV upon the completion of the charter capital increase. The charter capital increase can only be conducted after PGBank has ensured full compliance with the applicable provisions of laws. PGBank is further requested to notify all shareholders buying its shares in writing to request them to fully comply with the regulations on the shareholders' obligations as prescribed for in Article 54 and Article 55 of the 2010 Law on Credit Institutions, and Circular No. 50/2018/TT-NHNN dated December 31, 2018 of the SBV stipulating the dossiers, sequences and procedures for requesting approval of a number of revised substances by the commercial banks and the foreign bank branches (as amended and supplemented), as well as other relevant legal documents.
Within a maximum of 10 working days from the completion date of the issuance of the new shares in accordance with the laws, PGBank shall implement the procedures for amending and supplementing its License as stated in Paragraph 4 of Article 11 and Paragraph 2 of Article 2 of Circular No. 50/2018/TT-NHNN.
This Document is valid within 12 months from the date of its signing,
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